Securities code: Yunnan Aluminium Co.Ltd(000807) securities abbreviation: Yunnan Aluminium Co.Ltd(000807) Announcement No.: 2022014 Yunnan Aluminium Co.Ltd(000807)
Announcement on the provision for credit impairment and asset impairment in 2021
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
The 13th meeting of the board of directors (hereinafter referred to as "the 8th meeting of the board of directors") on the provision for impairment of assets was held on July 2027. The details are announced as follows:
1、 Summary of provision for credit impairment and asset impairment in this year
(I) reasons for withdrawing provision for credit impairment and asset impairment in this year
In accordance with the accounting standards for business enterprises and the relevant provisions of China Securities Regulatory Commission and Shenzhen Stock Exchange on the provision for credit impairment and asset impairment, in order to truly reflect the company's financial status, asset value and operating results as of December 31, 2021, based on the principle of prudence, the company has comprehensively inspected all kinds of assets within the scope of the company's consolidated statements and conducted impairment tests on those with signs of impairment, According to the test results, the provision for impairment of various assets within the scope of the company's consolidated financial statements as of December 31, 2021 is determined.
(II) the asset scope, total amount and included reporting period of the provision for credit impairment and asset impairment in this year. After a comprehensive inventory and asset impairment test of the asset scope with possible signs of impairment at the end of each reporting period in 2021 within the scope of the company's consolidated statements, including inventory, fixed assets, intangible assets, construction in progress, accounts receivable, etc, In 2021, the company withdrew various credit impairment reserves and asset impairment reserves totaling 198951155071 yuan. The reporting period for the provision for credit impairment and the provision for asset impairment is from January 1, 2021 to December 31, 2021. The financial report of 2021 has been audited by PricewaterhouseCoopers Zhongtian Certified Public Accountants (special general partnership).
(III) the company's approval procedures for the provision for credit impairment and asset impairment this time
The provision for credit impairment and asset impairment has been deliberated and approved at the 13th meeting of the 8th board of directors and the 6th meeting of the 8th board of supervisors. The total provision for credit impairment and asset impairment is 198951155071 yuan. According to the relevant regulations of Shenzhen Stock Exchange, this matter does not need to be submitted to the general meeting of shareholders for deliberation. 2、 The impact of the provision for credit impairment and asset impairment on the company
The assets for which credit impairment provision and asset impairment provision are accrued this time mainly include accounts receivable, other accounts receivable, inventory and fixed assets
The provision for impairment of fixed assets, intangible assets and construction in progress is 198951155071 yuan, which is included in the company's 2021 profit and loss.
3、 Specific description of the company's provision for credit impairment and asset impairment in 2021
The notice of the State Securities Regulatory Commission on the improvement of the provision for impairment of assets of the company and the notice of the State Securities Regulatory Commission on the provision for impairment of assets issued on December 31, 2021 (hereinafter referred to as the notice of the State Securities Regulatory Commission on the improvement of the accounting standards of Shenzhen electrolytic industry), and the relevant provisions of the State Securities Regulatory Commission on the provision for impairment of assets as of December 31, 2021 Asset value and operating results: Based on the principle of prudence, the company conducted a comprehensive inspection and impairment test on various assets within the scope of the company's consolidated statements. In particular, in accordance with the requirements of the notice of step tariff policy, the company investigated and evaluated the existing electrolytic aluminum and other assets in response to the rise of power consumption cost, and formulated transformation, cleaning or disposal plans for old machinery and equipment that do not meet the needs of energy conservation and consumption reduction in the future, And conducted impairment test accordingly. According to the asset impairment test results at the end of each reporting period in 2021, the company withdrew various credit impairment reserves and asset impairment reserves totaling 198951155071 yuan in 2021, including 1392621230 yuan of inventory falling price reserves; The provision for impairment of fixed assets is 169767736010 yuan; The provision for impairment of intangible assets is 23444791172 yuan; The provision for impairment of construction in progress is 3886498917 yuan, and the provision for bad debts of accounts receivable and other receivables is 459507742 yuan. The details are as follows:
(I) provision for inventory falling price reserves
After the company makes a comprehensive inventory of inventories at the end of each reporting period every year, the inventory falling price reserves shall be withdrawn or adjusted according to the lower of the cost and net realizable value of inventories: first, for the long stock age and the change of inventory quality, if the company individually determines that there is no recovery value, the inventory falling price reserves shall be withdrawn in full according to its book value; Second, the net realizable value of various inventories is determined according to the estimated selling price of the final product minus the expected costs, selling expenses and relevant taxes to be incurred until the completion. 1. For the calculation of inventory falling price reserves of aluminum products in production, aluminum products in stock and aluminum products sent and commissioned for processing, when determining the net realizable value of such inventories, the quantity of final products that can be produced is calculated according to the quantity of relevant inventories, and estimated at the settlement price after the final product period. According to the company's inventory circulation, the ending balance products are generally sold within 1-2 months after the period. The sales price of electrolytic aluminum is mainly based on the spot price of Changjiang nonferrous metals and Guangdong South storage South China A00 aluminum. The aluminum processing products consider the reasonable processing cost on the basis of the spot price of aluminum, so the average spot price of electrolytic aluminum in the two markets after the reference period is generally. 2. For the inventory falling price reserves of raw material alumina and auxiliary material carbon products, the equivalent output method is used for calculation. According to the historical average consumption per ton of raw material alumina and auxiliary material carbon products produced by the company for electrolytic aluminum, combined with the ending balance per ton cost, it is expected that the subsequent investment can be calculated. After all the ending balance raw and auxiliary materials are put into the production of electrolytic aluminum, the single ton production cost of electrolytic aluminum is confirmed, Then calculate whether the raw and auxiliary materials are impaired or the inventory falling price reserves that should be withdrawn according to the average spot settlement price after the period minus the freight and taxes generated by sales.
At the end of each reporting period in 2021, according to the principle of the lower of cost and net realizable value, 1392621230 yuan of inventory falling price reserves are accrued for raw materials, finished products, products in process and self-made semi-finished products.
(II) provision for impairment of fixed assets
1. For Yunnan Aluminium Co.Ltd(000807) headquarters, the provision for impairment of fixed assets is RMB 8133675201 for 186kA series discontinued production lines, and RMB 5673950035 for Yunnan Yunnan Aluminum Runxin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Runxin") 200 kA series discontinued production lines
In recent years, according to the overall arrangement and deployment of Chinalco group's industrial structure transformation and upgrading, focusing on the main business and building Southwest Aluminum industrial base, the company is committed to building Ludian 6.5 earthquake recovery and reconstruction hydropower aluminum project with low-cost energy advantages, green low-carbon hydropower aluminum processing integrated Heqing project and Yunnan Aluminum Wenshan green low-carbon hydropower aluminum material integration project.
With the above hydropower aluminum projects gradually completed and put into operation, good economic and social benefits have been achieved.
According to the integrated development strategy of hydropower and aluminum materials of the company, there is still a gap in the electrolytic aluminum production capacity index. After obtaining the electrolytic aluminum production capacity index from the outside, giving priority to the green aluminum project with comprehensive competitive advantage is more conducive to creating value for shareholders. Therefore, the company decided not to implement the original plan to restore the 186kA series of Yunnan Aluminium Co.Ltd(000807) headquarters and the 200kA series electrolytic cell production line of Yunnan Aluminum Runxin after obtaining the production capacity index, Provision for impairment of relevant assets shall be made.
2. The provision for impairment of fixed assets of Yunnan Aluminium Co.Ltd(000807) headquarters for idle and inefficient cathode carbon assets is 8556223010 yuan
(1) In order to realize the concentrated development of the company's aluminum carbon industry, after the cathode carbon production line of the company's headquarters was shut down and relocated, some fixed assets were used by Yunnan yunaluminum Logistics Investment Co., Ltd., a wholly-owned subsidiary of the company. Since they were no longer used in the future, after allocation and disposal, some existing idle assets were confirmed to have no allocation value by the professional department, and the provision for impairment of fixed assets was withdrawn after testing, amounting to 4357453479 yuan.
(2) Due to the low production capacity and backward technology of equipment, if the equipment is idle and does not produce economic benefits, the provision for impairment of fixed assets is 4198769531 yuan.
3. The provision for impairment of fixed assets of Yunnan Yunnan Aluminum Zexin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Zexin") is 21566676533 yuan
(1) At present, the actual capacity of 100000 tons round bar alloy production line and 100000 tons flat ingot alloy production line is significantly lower than the design capacity. The professional department judges that this situation will exist for a long time, and the provision for impairment of fixed assets is RMB 11446517702. (2) Due to the change of product structure, foundation subsidence, shutdown of safety production requirements and other factors, some assets in casting workshop, machine repair workshop and anode assembly workshop are idle or inefficient, so they decide not to use them. After testing, the provision for impairment of fixed assets is RMB 10120158831.
4. The provision for impairment of fixed assets of Yunnan Aluminum Runxin idle and inefficient assets is 17740 Shanghai Feilo Acoustics Co.Ltd(600651) yuan
(1) Due to changes in production conditions, some equipment is idle, and the professional department judges that this situation will exist for a long time. After testing, the provision for impairment of fixed assets is 13783944672 yuan.
(2) Due to the upgrading and transformation of the production line, some equipment and auxiliary facilities with backward technology and unable to meet the process requirements are idle
The provision for impairment of fixed assets is 3956655979 yuan.
5. The provision for impairment of fixed assets of Yunnan Yunnan Aluminum Yongxin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Yongxin") is 8328613834 yuan
(1) For the equipment that is idle, invalid, low-frequency use due to the upgrading and transformation of equipment or the adjustment of production mode due to the requirements of internal quality and efficiency improvement, and can not be used anymore due to the lack of equipment functionality, equipment aging or damage, the provision for impairment of fixed assets is 6241533572 yuan.
(2) Houses and structures such as hazardous waste dump, dormitory and enclosure in large temporary area are in low efficiency and idle state because they no longer have the use function. Professional departments judge that it is difficult to continue to use and it is difficult to revitalize assets. After testing, the provision for impairment of fixed assets is 208708262 yuan.
6. The provision for impairment of fixed assets of Qujing yunaluminum Fuxin Aluminum Co., Ltd. (hereinafter referred to as "yunaluminum Fuxin") is 1691954065 yuan
(1) For the equipment that does not meet the current production process requirements or is eliminated due to system upgrading and transformation, the provision for impairment of fixed assets is 720535745 yuan.
(2) The hotel in the factory is too close to the production workshop and does not have living conditions; The residual electrode cleaning workshop has been idle due to production renewal and transformation. After testing, the provision for impairment of fixed assets is 971418320 yuan.
7. The provision for impairment of fixed assets of Yunnan Yuanxin Carbon Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Yuanxin") is 8426249065 yuan
For the equipment in idle state because it does not meet the current production process requirements or is eliminated due to system upgrading and transformation, the provision for impairment of fixed assets shall be withdrawn after testing.
8. The provision for impairment of fixed assets of Yunnan Yunnan Yunnan Aluminum Haixin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Haixin") is 1249196669 yuan
In order to meet the operation of phase II of Yunnan Aluminum Haixin hydropower, a 220kV temporary power supply line was built in September 2020 to provide temporary power for phase II. Now, since the formal line of phase II project has been completed and powered on in May 2021, the original temporary line is not likely to be used again in the future. The line will be idle for a long time, and the provision for impairment of fixed assets will be withdrawn after testing.
9. The provision for impairment of fixed assets of Heqing Yixin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Yixin") is 354164099 yuan
The 70000 ton oil fracturing proppant project in longhuashan production area is restricted by environmental protection, resource guarantee, production equipment and process. Houses, buildings and mechanical equipment are idle for a long time and cannot be effectively revitalized. After testing, the provision for impairment of fixed assets is withdrawn. 10. The provision for impairment of fixed assets of Yunnan Yunnan Aluminum Lvyuan Huibang Engineering Technology Co., Ltd. is 347910564 yuan
The equipment that is idle because it does not meet the current production process requirements or is eliminated due to system upgrading and transformation is tested
Trial provision for impairment of fixed assets.
11. The provision for impairment of fixed assets of Yunnan Wenshan Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Wenshan") is 12299852780 yuan.
In February 2021, Yunnan Aluminum Wenshan received a notice from Wenshan Branch of Wenshan Prefecture ecological environment bureau to "cut off the water supply, cut off the power supply, remove the raw materials, remove the products and remove the equipment" of the molten salt furnace equipment according to the relevant requirements. After the "two breaks and three cleanings" of the molten salt furnace equipment as required, it will not continue to be used as an alternative process. Yunnan Aluminum Wenshan decided to dismantle the molten salt furnace equipment and formulated a demolition scheme. Provision for impairment of fixed assets is withdrawn after testing.
